Tag Archives: bankruptcy

Germany’s largest network of hairdressers seeking bankruptcy protection | News | DW | Instant News

The Klier Hair Group, Germany’s largest hair salon chain, has officially filed for bankruptcy protection, in the hope that the bankruptcy proceedings can save a large part of its existing business. A court in Wolfsburg on Tuesday agreed to open bankruptcy proceedings following a plea from the beleaguered company in September.

Klier, a family company started in 1948, owns brands such as Essanelle and SuperCut, and operates around 1,300 hair salons. employs about 8,500 people across the country.

“Beyond any restructuring that will allow our company to continue operating in the future, our top priority is to maintain as many of our shops and salons as possible – and the jobs connected to each one -,” the company said in a statement on Tuesday. .

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Michael Melzer, who took over as CEO in September, thought the company was on a good restructuring trajectory but said, “Unfortunately, we had to cut ties with failed salons and shops for a profit.” Melzer says it is the only way the company can survive while at the same time saving most jobs.

Melzer said it was not clear how many shops had to close since negotiations with landlords were ongoing.

Klier, which generated around € 300 million ($ 361 million) in revenue in 2019, has been under pressure due to sluggish business due to the coronavirus and hopes to deliver a comprehensive restructuring plan by the end of December. The coronavirus pandemic has hit the branches really hard and Klier has been in dire straits since the first lockdown this spring.

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A court in the city of Wolfsburg, where the company is headquartered, has now begun reviewing creditors’ claims. Creditors will decide whether or not to accept the Klier Group restructuring plan at a special meeting on February 25, 2021.

js / msh (AFP, dpa)


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Fashion retailer Tailored Brands emerged from bankruptcy protection | Instant News

FILE PHOTO: Men’s Tailored Brands Store seen in New York City, USA, July 31, 2020. REUTERS / Brendan McDermid

(Reuters) – Tailored Brands said on Tuesday that it had stepped out of bankruptcy protection following a financial restructuring process that helped the US men’s fashion retailer remove $ 686 million in debt from its balance sheet.

The Houston-based company filed for Chapter 11 bankruptcy in August, joining a list of brick and mortar retailers who have succumbed to the brunt of the COVID-19 pandemic.

This confirmed last month’s restructuring plans consisting of a $ 430 million loan facility.

Tailored Brands said Tuesday that they now operate with a capital structure that includes a long-term loan of $ 365 million, which it hopes will support ongoing operations and strategic initiatives.

The company in July announced plans to cut its workforce by 20% and close as many as 500 stores, in response to the impact of the pandemic.

Reporting by Derek Francis in Bengaluru; Edited by Ramakrishnan M.


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The owner of the Philadelphia Fashion District, PREIT, is expected to come out of bankruptcy | Instant News

The owners of the Philadelphia Fashion District and several other regional shopping malls are likely to avoid Chapter 11 bankruptcy after the court approves a prepackaged financial restructuring plan.

The Pennsylvania Real Estate Investment Trust announced filing for bankruptcy last month as it continues to seek support for the restructuring plan. PREIT has listed some of its properties as collateral for debt and for $ 130 million in new financing to support its operations.

On Monday, CEO Joseph Coradino said PREIT would emerge as a “more innovative platform” for its business partners.

“We were able to achieve this result quickly thanks to the tremendous support from our lenders, as well as the ongoing support of our employees, customers, tenants and vendors,” Coradino the word. “We will remain focused on safe, responsible and efficient operations while maintaining a strong balance sheet.”

PREIT has 21 properties in nine states and has sold several malls in recent years, including the Phillipsburg Mall in New Jersey and the Palmer Park Mall in Easton, Pennsylvania.

In the Philadelphia area, PREIT owns Cherry Hill and Moorestown malls in South Jersey and the Willow Grove Park Mall, Plymouth Meeting Mall, and the Fashion District in Pennsylvania. The Fashion District, a multi-year renovation of the former Philadelphia Gallery on Market East, held its grand opening in September 2019.

The announcement is on Monday sending PREIT stock up 24% in after-hours trade.

In the second and third quarters of the current fiscal year, PREIT reported a significant net loss in revenue and decrease in mall traffic from year to year.

All mall operations will continue uninterrupted during the holiday season. PREIT is expected to emerge from bankruptcy earlier this month.

“PREIT properties play an important role in the economies of the communities in which we operate, creating jobs, safeguarding tax revenues and ensuring vitality is a major focal point,” said Coradino. “We look forward to a brighter future for all PREIT stakeholders as we move forward as a financially stronger company.”


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Online Transportation – Topaz Tangaroa is attracting a lot of attention in the port of Harlingen [+foto] | Instant News

HARLINGEN – The Topaz Tangaroa offshore supply vessel has attracted a lot of attention in recent days. Last week, the ship sailed into port under the supervision of several dozen spectators. The ship, an offshore supply vessel with underwater robots, is currently at the Damen Shipyard for maintenance.

The ship, built in 2019, is nearly 100 meters long and 20 meters wide with a large helicopter deck on top. At the rear of the ship there are two cranes, a large crane and a skeleton crane to lower the underwater robot. The ship sails under the flag of the Marshall Islands.

Tangaroa topaz is typically used in large offshore wind farms where boats can do bottom work with underwater robots.


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PREIT, owner of the Philadelphia Fashion District, filed for bankruptcy in a restructuring plan | Instant News

The owner of the Philadelphia Fashion District and several other malls across the region have filed for bankruptcy as part of a move to restructure his business.

PREIT, short for Pennsylvania Real Estate Investment Trust, had indicated in October that its properties were in trouble due to the COVID-19 pandemic. The company made restructuring proposals to its lenders, hoping to avoid filing for bankruptcy, but ended up doing so after receiving 95% support for its plans.

That bankruptcy The filings announced Sunday ensure that the PREIT property can continue to operate without interruption while completing the restructuring.

“We are pleased to move forward by strengthening the Company’s balance sheet and positioning it for long-term success through our prepackaged plans. We are grateful for the significant support we have received from most of our lenders, which we hope will enable us to complete financial restructuring. us quickly, ” the word Joseph F. Coradino, CEO of PREIT. “Today’s announcement has no impact on our operations – our employees, tenants, vendors and the communities we serve – and we remain committed to continuing to provide the best experiences and enhancing our portfolio.”

PREIT has 21 properties in nine states and has sold several malls in recent years, including Phillipsburg Mall in New Jersey and Palmer Park Mall in Easton, Pennsylvania.

Among PREIT’s owned properties in the Philadelphia area are Cherry Hill Mall and Moorestown Mall in South Jersey and Willow Grove Park Mall, Plymouth Meeting Mall and Fashion District, a multi-year renovation of the former Philadelphia Gallery in Market East which is holding its grand opening in September 2019 .

PREIT reported a net loss of $ 29 million in the second quarter of this year, following coronavirus closures and reduced spending among consumers after malls reopened. In September, the company received a stock removal notification from the New York Stock Exchange after its share price fell below the $ 1 threshold.

Under filing for bankruptcy, PREIT will list some of its properties as collateral for debt and for the new $ 150 million loan it has received.

“With the tremendous support of our lenders, we look forward to emerging from this process as a financially stronger company with the resources and support to continue to create a diverse and multi-use ecosystem across our portfolio,” said Coradino.


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